Labour Blog

Blog Archive | Finance

We have made clear that we don't believe there is enough space for any tax cuts in this Budget. Instead, we have argued for the construction of 5,000 public homes, and the funding of Sláintecare (a new national strategy to build our public healthcare system) as the central points of our proposals.

Fine Gael and Fianna Fáil are having a phoney war over tax cuts that will amount to between €2 and €4 per week for middle-income families. We have said that cutting school costs, reducing college fees by €1,000 next year, eliminating hospital inpatient charges, and increasing the public subsidy of childcare would save families a lot more

Reflecting on the capital review, Leader of the Labour Party, Brendan Howlin writes about why the upcoming capital review must be meaningful.

The Lord Giveth and the Lord taketh away. And so it is with Paschal Donohoe.

Three weeks ago, we were treated to an announcement of the Capital Review, the first truly post-crash opportunity to look at our capital funding requirements.

The following week, we were briefed on the contracting fiscal space for 2018 and the need for Ministers to pare back programmes in their Departments.

In need of headlines the Taoiseach recently told the IIEA that the plan would be a 10 year plan. More ambition or spreading the marmite more thinly. Look at the scope not the quantity. Who knows? Contradictions abound.

Joan Burton TD held a seminar in the Mansion House on the spring economic outlook. In this very well attended meeting we heard speakers from ESRI, IBEC and UCD. Joan also made the case for Ireland to have a special status in Brexit negotations.

Listen below to the The Irish Times podcast with Brendan Howlin. In the podcast, Brendan chats to Hugh Linehan and Fiach Kelly about #LabourRebuild, our upcoming party conference and the state of social democracy in these changing times. Have a listen below,

The Labour Party is presenting an alternative budget today, because we believe that a fully costed, progressive budget is possible.

With the chaotic nature of the current Government, we have a responsibility to have proposals ready that can be implemented if the need arises.

The amount of funding available for investment next year is limited. We don’t believe that using a third of this money to give people a tax break likely to equate to as little as the price of a coffee each week will have a real impact on people.

Today in our Headquarters in Dublin's Docklands we launched our economic plan for the next five years that centres around creating a strong economy for a decent society. Our tax plan is focussed on low and middle income families -the families that most need a break.

Tánaiste Joan Burton, Ministers Brendan Howlin, Alex White and Deputy Nolan launched our plan in which we will invest €3 in services for families and communities for every €1 reduction in tax - only Labour will invest in the services that families and communities need.

Tánaiste and leader of the Labour Party, Joan Burton together with Minister for Communications Alex White, John Lyons TD and Cllr Pamela Kearns launched our ‘Standing Up For Working Families’ campaign this afternoon.

The campaign is comprised of a series of meetings which will take place across the country over the next two weeks to highlight the ways Labour has and will continue to stand up for working families.

Minister Brendan Howlin recently responded to an editorial in The Financial Times. Link to article here

Sir,

Your editorial “Ireland should beware a return to boom and bust” (November 27) over-eggs the pudding somewhat. The current government, a coalition of the centre left and centre right, is more than aware of the risks of returning to the past. We have spent considerable energy cleaning up that mess.

Today, 7 February 2013, the Irish Government has agreed with the European Central Bank to replace the odious promissory note with a long-term, low interest (cheaper) loan (government bond).

So what does the deal mean for Ireland?

The Taoiseach announced in the Dáil, following a discussion with cabinet and agreement of the ECB, that the promissory note arrangement (IOU) would be replaced with long-term, low interest government loan (bond).

"This is a good day for our State, economy and people. This is more than just a financial watershed; it is an opportunity for our country and economy to take a decisive step forward into the future our people deserve. I pay warm tribute to the Minister for Finance, Deputy Michael Noonan, for the enormous work he has done to bring us to this point.